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Cairn Homes (CRN) investor relations material
Cairn Homes H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved H1 2025 revenue of €284.5 million with 708–780 units delivered, and celebrated 10 years in business.
Closed and forward order book reached €1.54 billion for 4,092 homes, driven by strong first-time buyer demand and robust sales.
Gross margin improved to 22.2%, with H1 operating profit at €42.7 million and interim dividend per share up 8% to 4.1c.
Upgraded FY25 guidance: revenue c.€945 million, operating profit €160–165 million, ROE c.15.5%; new FY26 guidance: revenue c.€1.02–1.05 billion, operating profit €175–180 million, ROE c.16%.
Strong business momentum and positive outlook, supported by robust order book, pipeline, and government policy alignment.
Financial highlights
H1 2025 revenue: €284.5 million (H1 2024: €366.1 million); gross profit: €63.1 million (22.2% margin); operating profit: €42.7 million (15.0% margin); net profit: €31.7 million.
Full-year revenue expected to grow to €660–945 million; FY25 operating profit guidance at €160–165 million.
Net debt increased to €307.4 million due to €381.5 million WIP investment and shareholder returns; available liquidity over €150 million.
Interim dividend per share of 4.1c declared, up 8% year-over-year; EPS at 5.1c.
Inventories rose to €1,035.1 million, with land held for development at €600.1 million.
Outlook and guidance
Upgraded FY25 guidance: revenue c.€945 million, operating profit €160–165 million, ROE c.15.5%.
FY26 guidance: revenue c.€1.02–1.05 billion, operating profit €175–180 million, ROE c.16%.
Net debt expected to reduce in H2 2025 as higher sales close.
Strong confidence in continued growth, supported by robust order book and pipeline.
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